Last checked at 21 Sep 2015 07:00
Union Jack Oil plc
(AIM: UJO)
Completion of Acquisition of Interest in PEDL005(R) Incorporating the Keddington Oilfield
Further to the announcement of 14 July 2015, Union Jack Oil plc ("Union Jack" or the "Company"), an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector, is pleased to announce that all the required authorities have been received to acquire a 10 per cent. interest in licence PEDL005(R), located in Lincolnshire. PEDL005(R) incorporating the producing Keddington oilfield, the Louth prospect and the North Somercotes prospect (together the "Acquisition") from Egdon Resources plc.
Following completion of the Acquisition the interests in PEDL005(R) are now:
Keddington Oilfield | PEDL005(R) Excluding Keddington | |
Egdon Resources U.K. Limited | 45% | 65% |
Nautical Petroleum Limited | 10% | 10% |
Terrain Energy Limited | 35% | 15% |
Union Jack Oil plc | 10% | 10% |
David Bramhill, Executive Chairman of Union Jack Oil plc commented:
"We are pleased to complete the acquisition of our interest in Keddington, in line with our strategy to move from a pure exploration company to a production company. The Board believes Keddington, which is currently in production, provides Union Jack with the opportunity to be involved in a relatively low-risk oil production and development play with significant upside potential."
For further information please contact the following:
Union Jack Oil plc David Bramhill
| +44 (0) 77871 60682 |
Shore Capital Nominated Adviser Bidhi BhomaEdward Mansfield Corporate Broking Jerry Keen
| +44 (0) 20 7408 4090 |
SP AngelJoint BrokerRichard Hail
| +44 (0) 20 3470 0470 |
Yellow Jersey PR Limited Public Relations Dominic Barretto
| +44 (0)7768 537 739
|